ELEPHANT BOND (Black money recovering policy...)

                         ELEPHANT BOND                          

CONTEXT:-

# A high level Advisor Group on Trade policy (HLAG) headed by surjit's Bhalla had suggested the government to issue 'ELEPHANT BOND' .

# This will help India to recover Up to US dollar 500 Billion of Black money that I stashed overseas.

ABOUT:-

# HLAG recommend these Bonds is order to Boast India's growth by Utilizing the collected money to find infrastructure projects in the country.

# An Elephant Bond is a 25-year Sovereign Bond ( a bond issued by a national government).

# This Bond is Issued to those people who declare their previously Undisclosed income and are then Bound to invest 50% Of that amount in these Securities.

# The Fund gathered by the Issuance of those bonds is Utilized to Finance infrastructure projects only.

SIGNIFICANCE:-

# One of the Key Features of the proposed mechanism is that those disclosing their black money will receive immunity from all lows including those Under foreign exchange , Black money Lows , and Taxation Lows.

# This would enable people to bring their offshore Undisclosed weath into India Without fear of Prosecution.

# Countries Like INDONESIA, PAKISTAN, ARGENTINA, and the PHILIPPINES have already Launched their Own Tax Amnesty Scheme for persons who disclose Undeclared Income Without Rest of Prosecution.

# Tax Amnesty is a Limited-Time opportunity for a Specified group of tax payers to pay a Defined amount , in exchange for Forgiveness of Tax liability (Including Interests and Penalties ).